"[There are] enormous amounts of renters coming through here that we haven't seen before. People of all ages that used to be home buyers."

The increasingly unstable housing market and continuing foreclosures have turned even those with the means to buy toward the rental market.

"Rent is no longer a four-letter word, and for many people that's a very attractive and very rational option," said Nic Retsinas, executive director of the Joint Center for Housing Studies at Harvard University.

But for those forced into this competitive rental market by foreclosure, the going is tough. Landlords are now more likely to reject potential renters with bad credit scores.

"You can't just go in and say 'I want this apartment.' It doesn't work that way," said Verges. "You have to go in and tell them you're making a commitment with this owner."

For the Maxcy's, their decision to rent is simple.

"It's nice to know you have to only pay rent and anything else that happens is somebody else's responsibility," said Luke.

Because right now, they don't want the responsibility of owning anything in this volatile housing market.